Sir Chris Evans OBE (left) and Theo Paphitis at the Launch of the Life Sciences Hub Wales in Cardiff Bay. Pic by Huw John

Share

Get business updates directly to your inbox

Thank you for subscribing!

Could not subscribe, try again laterInvalid Email

Dragons’ Den star Theo Paphitis was in Cardiff today to officially launch the Life Sciences Hub for Wales.

The entrepreneur be-hind brands such as stationer Rymans and lingerie chain Boux Avenue was among a host of speakers at the official launch of the hub in Cardiff Bay.

The hub is designed to connect and concentrate life sciences in Wales, attract new opportunities and investment, support and speed up growth of existing life sciences businesses in Wales and create growth, wealth and jobs.

Video Loading

Video Unavailable

Click to playTap to play

The video will start in 8Cancel

Play now

Video will play in

Share this video

Watch Next

Mr Paphitis said: “The vision of this hub is what will create the future.

“I know that we have had industries that now are becoming less and less relevant in the modern world and are disappearing.

“Unless we look outwards and replace those industries then Wales and other countries will have no future. As a shop keeper I was always told to never try to change consumers’ habits. People’s habits are changing automatically now and we have to make sure everything we do reflects and looks into the way that consumers are changing and the business world is changing.”

The hub will be based in 3 Assembly Square in Cardiff Bay and will bring together academic, business, clinical, professional services and funding organisations.

The hub and the £100m Life Sciences Investment Fund will be used to connect the life sciences sector throughout Wales, will attract new sector opportunities and investment, nurture emerging life sciences projects, and accelerate the growth of the life sciences sector in Wales to create jobs and economic growth.

Prof McGuigan, said: “Wales has excellent credentials in the life sciences world – with world-leading anchor companies like GE, international excellence in research in our universities and hundreds of SMEs active in the area.”

Ms Hart said the hub will cover all elements from funding to business support to international development and promotion.

Health Minister Mark Drakeford was also present at the launch and said: “I think when historians look back at this period of devolution they will conclude that one of the distinguishing features has been the way in which their agendas of health and wealth have come together in this period.”

Julian Baines, CEO of Penarth-based diagnostics business EKF, welcomed the hub but said he wanted to see how well it would be used in six months’ time.

He said: “If it works it will be very, very good for Wales but what I can’t see is who and what we are going to bed attracted to this particular site.

“Are they aiming for just Welsh companies or English or European businesses with the hub?

“How are they going to support companies like mine in terms of further exports and growth.

“One of the issues we have got is 99.9% of our business is global and not in the UK.

“Hopefully the hub is putting life sciences on the map ,we want a thriving hub.

“There is a lot of pressure on now to make it work.”

Guy Clarke of Cardiff Business Club said: “I think it is absolutely brilliant that the University and the Welsh Government have been brave enough to do something in this sector.”

Head of economic development at Cardiff council, Ken Poole, said: “This is a great addition to the technology infrastructure in Cardiff and is only going to help in terms of promoting both life sciences within Wales and the Cardiff Capital Region.

“We [Cardiff council] are looking forward to working with all the agencies and government to ensure this is a huge success.

“The hub will also help in the promoting and marketing of Cardiff and Wales to the international business community and will demonstrate that are very seriously about technology clusters in Wales.”

Chief executive of Newport-based hi-tech venture capital company, Wesley Clover, Simon Gibson, said: “The hub is fantastic and we just need more of it Wales.”